RBI To Induce Overseas Borrowings in 2G Spectrum Outlook
The 2G spectrum issue actually dates back to 2008, where nine telecom companies, for a pan-India operation, were given limited airwaves and licenses for the bandwidth frequency, in the mobile phone services at around 350 million dollars. Around 122 circle-wise licenses were issued. The scam had actually involved many politicians and officials from the government in India who illegally undercharged the mobile service companies for the licenses.
Even though the exact loss is disputed, the difference in the money which was supposed to collected and the money actually collected is around 176,645 crore, as valued by the Comptroller and Auditor General of India based on 3G and BWA spectrum auction prices in 2010.
Now, in an auction earlier this month five companies have bought airwaves which is worth a total of 94 billion. The companies are required to pay by December 1, although they could pay in installments. The companies are namely- a unit of Norwegian telecommunications carrier Telenor, Vodafone Group Plc's Indian unit, Idea Cellular, Videocon Telecommunications and Bharti Airtel.
But this auction had only raised less money than what the government had actually hoped to raise. The officials felt that it would end up struggling to meet its deficit targets for this accounting year.
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